Itektrend Trend Continuation MT5 Indicator
Alerts continuation trading patterns and signals trades that take advantage of price action turning points.It seeks to find near term support and resistance levels and then identifies places on the chart to entry off of, and take profit of the established short term trend.
The indicator is based in price action and market timing algorithms to determine these turning points at significant support and resistance levels in the markets.
That way, you can be sure you have chance to enter in the market at the best level of the trend and take a high probability trade and ride the best part of the trend.
Once the ITektrend indicator has spotted a continuation pattern, it clearly displays a Buy or Sell signal on your chart, showing you exactly where possible entry to continue with the trend.
Trade Setup Definitions
- Signal bar: It is the closed bar where the indicator is plotted (Blue or Red dots) in the chart.
- Entry bar: The first bar after the signal bar that reach the high of the Signal bar.
Setup Entry Rules
- Wait for the Signal bar closes. Enter the Long trade 1-2 tick above the high of the signal bar (Opposite for Short).
If any bar after the Signal bar closes below the low of the signal bar, the signal is invalid and the setup is cancelled.
- Stop Loss (SL): The Stop is 1-2 tick below the low of the last swing. That is the nearest higher low in the up trend (long trade). The difference between the entry and the stop is your risk in points of the trade – 1x.
- Take Profit (TP): Trades profit are based on the length of the SL, making it dynamic and self adjusting in each trade.
- 1st Target TP1 is 1x. The length of the trade risk in points.
- 2nd Target TP2 is 1.5x or 2x.
- Trailing Stop. Activate trailing stop after price hits TP1. Use any trailing technique or just wait for an opposite signal from Iteksignal for exit.
The indicator has time parameters to indicate the period of the day you want to get signals.
- Audible_Alerts: Activation of popup alerts & sound alerts. Default is true.
- High probabilities trend continuation trading patterns.
- Multiple entry points.
- Works on Forex, Crypto, Stocks, Commodities.
- Works well for daytrading and longer timeframes, like Daily, H4 and H1.
- Plug and play, just hit the ground running.
- Very easy even for complete beginners.
- Popup Alerts & Sound Alerts.
- Customer Support.